Let us not forget it was only last week where we were macheted a barrage of poor data with regards to the US growth and economy and a renewed chance for it to sink into a double dip recession again. I called for an intermediate term selling climax last Friday and look where we are position now. The unemployment data released few moments ago was better than expected and US markets will be opening with another big gap up. i have to admit i was a little hasty and my timing is a little off but my contrarian strategy has once again work well in this merciless game. Well perhaps i should not be too bothered about the market timing portion as the saying goes, " more money has been lost in the prediction of the bear market than in the bear market itself. " As much as we are able to recognise the major and intermediate trends, there will be an element of randomness in the minor trends that we ought to accept and never, never be fooled by this randomness.
However,for the past few weeks, news triumph over price action with regards to movements in the markets and i would like to see more healthier market action( market grinding upwards on days with little news rather than big gap up before opening) before concluding that we are indeed riding the next leg up.
Job data: US non-farm payroll falls by 54k in August but unemployment rate ticked higher to 9.6%.
Update on HSI; I am expecting it to hit at least 22,200 before we have another intermediate downtrend.
No comments:
Post a Comment